Financial Markets' Views about the Euro-Swiss Franc Floor -- by Urban J. Jermann
Exchange rates and option prices incorporate market participants' views about the credibility and the effects of exchange rate targets. I present a model to determine exchange rates under policy...
View ArticleWork Capacity at Older Ages in the Netherlands -- by Adriaan Kalwij, Arie...
Over the last two decades policy reforms in the Netherlands have increased work incentives, resulting in rising employment rates at older ages. Over the same period health of the population has...
View ArticleGrowth through Rigidity: An Explanation for the Rise in CEO Pay -- by Kelly...
The dramatic rise in CEO compensation during the 1990s and early 2000s is a longstanding puzzle. In this paper, we show that much of the rise can be explained by a tendency of firms to grant the same...
View ArticleChallenges to Mismeasurement Explanations for the U.S. Productivity Slowdown...
The U.S. has been experiencing a slowdown in measured labor productivity growth since 2004. A number of commentators and researchers have suggested that this slowdown is at least in part illusory,...
View ArticleHealth Capacity to Work at Older Ages: Evidence from Spain -- by Pilar...
In a world with limited PAYGO financing possibilities this paper explores whether older Spanish individuals have the health capacity to work longer. For that purpose we use Milligan-Wise and...
View ArticleHealthy, Happy and Idle: Estimating the Health Capacity to Work at Older Ages...
After two decades of reforms that have tightened eligibility for early retirement and the generosity of social security payments, the German government has begun to turn back time and re-introduce more...
View ArticleHealth Capacity to Work at Older Ages: Evidence from Japan -- by Emiko Usui,...
This paper explores the extent to which older Japanese can potentially expand the labor supply, based on two analytic approaches: the Milligan-Wise and Cutler et al. methods. First, we examine how much...
View ArticleWork Capacity and Longer Working Lives in Belgium -- by Alain Jousten,...
We explore the link between health indicators and employment rates of the population aged 55 or more. Our focus lies on work capacity as a key determinant of employment. Using cohort mortality...
View ArticleHealth, Work Capacity and Retirement in Sweden -- by Per Johansson, Lisa...
Following an era of a development towards earlier retirement, there has been a reversed trend to later exit from the labor market in Sweden since the late 1990s. We investigate whether or not there are...
View ArticleWho Did the Ethanol Tax Credit Benefit? An Event Analysis of Subsidy...
Using commodity futures contract and spot prices, we estimate the incidence of the US ethanol subsidy accruing to corn farmers, ethanol producers, gasoline blenders, and gasoline consumers at...
View ArticleAccounting for the Rise in College Tuition -- by Grey Gordon, Aaron Hedlund
We develop a quantitative model of higher education to test explanations for the steep rise in college tuition between 1987 and 2010. The framework extends the quality-maximizing college paradigm of...
View ArticleWhat Forces Dictate the Design of Pollution Monitoring Networks? -- by...
The U.S. Environmental Protection Agency (USEPA) maintains networks of pollution monitors for two basic purposes: to check and enforce the attainment of national ambient air quality standards (NAAQS)...
View ArticleWage Inequality and Cognitive Skills: Re-Opening the Debate -- by Stijn...
Inequality in the United States is high by international standards, and keeps rising. This is likely to bring significant social as well as economic costs, including lower growth. In this paper, we use...
View ArticlePatents and Innovation in Economic History -- by Petra Moser
A strong tradition in economic history, which primarily relies on qualitative evidence and statistical correlations, has emphasized the importance of patents as a primary driver of innovation. Recent...
View ArticleThe One Child Policy and Promotion of Mayors in China -- by Juan Carlos...
We study the implementation of the One Child Policy to test whether the promotions of mayors were meritocratic. We model the incentive design of provincial governments that evaluate mayors using...
View ArticleA Conversation With SEC Chair Mary Jo White: Keynote Session, 43rd Annual...
SEC Chair Mary Jo White participated in a Q&A session with Steven Bochner, Chair of the Securities Regulation Institute. The Q&A was part of Northwestern University School of Law’s 43rd Annual...
View ArticleFederal Energy Regulatory Commission Holiday Schedule - Presidents' Day
FERC will be closed Monday, February 15, 2016 in observance of Presidents' Day.
View ArticleLinear models for the impact of order flow on prices I. Propagators:...
Market impact is a key concept in the study of financial markets and several models have been proposed in the literature so far. The Transient Impact Model (TIM) posits that the price at high frequency...
View ArticleDynamic Spatial Autoregressive Models with Autoregressive and Heteroskedastic...
We propose a new class of models specifically tailored for spatio-temporal data analysis. To this end, we generalize the spatial autoregressive model with autoregressive and heteroskedastic...
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